Last week, two of the largest banking regulators within the European Union released reports calling for uniformity in the regulations of crypto assets and Initial Coin offerings (ICOs) across the continent.The EBA Calls for Pan-EU Crypto RegulationsOn January 9, 2019, the European Banking Authority (EBA) published its assessment of crypto laws. The document, which examines the sustainability of EU laws to cryptocurrencies, analyzed the use of digital assets within the EU, as well as some of the pan-EU laws that currently govern them.In the report, the EBA decried the lack of uniformity in crypto laws. It stated that this lack of equilibrium means that companies can move operations to “crypto havens” and face less-stringent regulations.Essentially, this could create an uneven competitive playing field. Certain countries such as Malta and Gibraltar have been known to enforce crypto-friendly rules. However, the EBA is looking to achieve a uniform regulatory environment in the zone.Adam Farkas, executive director of the EBA, said, “The EBA calls on the European Commission to assess whether regulatory action is needed to achieve a common EU approach to crypto assets.”The ESMA Discourages Crypto LegitimizationOn the same day, the second regulator, the Europe Securities and Markets Authority (ESMA) also published its advice to various EU-based banking institutions on ICOs and crypto assets.The regulator pointe...
